Which statement is NOT true regarding Social Security benefits?

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Which statement is NOT true regarding Social Security benefits?

A) Benefit eligibility is based upon fully insured status
B) Benefits are designed to replace the entire amount of the worker's earnings
C) Disability is expected to continue for 12 months or result in death
D) Worker must be totally and permanently disabled for at least 5 months and unable to work again to be eligible for benefits

Answer: B) Benefits are designed to replace the entire amount of the worker's earnings

Insurance

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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James is the insured on a life insurance policy where his age was misstated on the application. Which of the following is CORRECT regarding the death benefit amount?

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